The market for telehealth software is anticipated to reach US$ 14,200 Mn in 2030 and would likely grow at a rapid 15.4 percent CAGR between 2022 and 2030. The use of telehealth software is revolutionising how healthcare is delivered. Telehealth software enables healthcare providers to increase patient care while enhancing patient outcomes and distant monitoring using wireless communications and electronic consults.
| 2022 Market Value | US$ 6,010 Mn |
| 2030 Market Value | US$ 14,200 Mn |
| CAGR% (2022-2030) | 15.4% |
| Share of Top 5 Players | 20% |
Hospitals and healthcare systems are leading the way in embracing and expanding via telehealth due to the rising usage of digital technologies to deliver medical care and public health. For instance, the American Hospital Association reports that the use of telehealth software and solutions has increased significantly in recent years, with more than 76 percent of American hospitals have completely or partially implemented computerized telehealth systems by 2018.
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Digital technologies are continuously becoming an important resource for the enhanced delivery of health services and with the growing adoption of mHealth solutions, the opportunities for the growth of telehealth software are set to rise sharply in the coming years.
Research indicates that there has been high spending on digital healthcare infrastructure with increasing sales of wearable technologies. Moreover, the integration and development of digital health technologies such as the Internet of Things (IoT), augmented and virtual reality (AR/VR), artificial intelligence (AI), and more are creating potential growth opportunities for the telehealth software market.
Key Takeaways of Telehealth Software Market Study
- Cloud-based segment expected to capture around 45% of market share in 2020
- Healthcare providers are dominating the market with the market share of 85% in 2019, owing to the growing adoption of real-time communication solutions and increased adoption of remote patient monitoring
- South Asia and Pacific is estimated to grow at a CAGR of 20% in the telehealth software market owing to the continuous investments in digitalizing healthcare infrastructure
COVID-19 Impact Analysis on Telehealth Software Market
The outbreak of COVID-19 highlighted the need for businesses to adapt quickly to remote working options, pushing them to change their technological landscape to ensure business continuity during the pandemic. Thus, it brought the critical need for adoption of digital technologies and innovative solutions in the healthcare sector. With the evolving COVID-19 pandemic, healthcare providers are focusing on implementing and upgrading telehealth software and solutions to enhance their ability to care for massive increase in patients.
The adoption of telehealth software and solutions is helping healthcare providers and payers in avoiding unnecessary visits to healthcare facilities, thus, reducing the exposure to the coronavirus and also in keeping those on the frontlines safe. In addition to this, the demand for cloud-based telehealth software is expected to surge as the demand for real-time communication and remote monitoring is set to increase in coming years.
The telehealth software market grew around 13% Y-o-Y in 2018 and 2019 and with the outbreak of COVID-19, the market is expected to witness a growth rate of around 18%-20% during 2021-2023. Moreover, the telehealth software market is projected to increase 1.4x between 2020 and 2022, owing to the outbreak of COVID-19.
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Competition Landscape Driving Growth through Innovation
Ongoing technological revolution, intense competition, and ever-changing customer expectations are creating a storm in the global telehealth software market, which is compelling solution providers to integrate smart technologies such as AI, IoT, Block chain, and AR/VR. Moreover, collaborations and partnerships with IT solution providers can also help telehealth software solution providers to enhance their market share and customer base.
For instance, in October 2019, American Well and Cleveland Clinic entered into the partnership to offer customers with broad access to healthcare services via telehealth. Together, both the organization formed a joint venture company “The Clinic” which offers the virtual care through American Well’s digital health technology platform.
Some of the key players in the telehealth software market are Aerotel Medical Systems Ltd., Koninklijke Philips N.V., Teladoc Inc., American Well, Chiron Health, Medtronic, Honeywell International, Tunstall Healthcare, AMD Global Telemedicine, Inc., Cisco Systems, Inc., and Medvivo Group Ltd.
Telehealth Software Market Outlook by Category
By Component, Telehealth Software Demand is segmented as:
- Software
- Services
By Deployment, Telehealth Software Outlook is segmented as:
- Cloud-based
- On-Premises
By End User, Telehealth Software Outlook is segmented as:
- Healthcare providers
- Healthcare payers and Patients
By Region, Telehealth Software Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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